| Issue Date: | 2021-06-23 |
|---|---|
| Revised Date: |
Legal Cites
- Government Code sec. 481.452, sec. 489.302
Origin:
S.B. 1465, H.B. 3271 and H.B. 2896, 87th Leg., R.S.
Purpose
An account in general revenue for facilitating loans from community financial institutions to micro-business affected by declared disasters.
The account consists of legislative appropriations, federal grants, transfers from GR Account 5106 - Economic Development Bank. Money account may be appropriated only to the Texas Economic Development Bank in the Governor’s Office for program purposes.
The account can be used to provide zero interest loans to eligible community development financial institutions for purposes of making interest-bearing loans to qualifying micro-businesses. Money in the account will also be used to guarantee loans made by participating financial institutions to micro-businesses that have suffered as a result of a declared disaster.
| Classification | Group 01: General State Operating and Disbursing Funds [?] |
|---|---|
| Depository Interest | Credited to General Revenue Fund (0001) |
| Disposition of Balance | Accumulative |
| Appropriation Technique | General Appropriations Act |
Administering Agencies
Note
As the micro-business recovery accounts and programs created under both S.B. 1456 and H.B. 3271 are almost identical, serve the same purpose, and were exempted in the funds consolidation bill along with similar legislation, one “combined” account was added to the Manual of Accounts.
USAS Values
| USAS Title | GR ACCT-MICRO-BUSINESS DISASTER RECOVERY |
|---|---|
| Consolidated Fund | 0001 |
| State Fund Group | 01 - GENERAL STATE OPERATING & DISBURSING FDS |
| USAS Status | A |